Nothing in this chapter creates any liability upon this state for the payment of any funds to any participating credit union by reason of the acts or omissions of the credit union share guaranty corporation, nor shall the state pay any deficiency of any participating credit union in the event the corporation is unable to pay such deficiency.

Terms Used In Ohio Code 1761.24

  • Corporation: A legal entity owned by the holders of shares of stock that have been issued, and that can own, receive, and transfer property, and carry on business in its own name.
  • Deficiency: means the difference between the guaranteed amount of an individual member's or, as described in division (B)(2) of section 1761. See Ohio Code 1761.01
  • Participating credit union: means a credit union that has applied for and been admitted to participation in a credit union share guaranty corporation and whose participation has not been terminated. See Ohio Code 1761.01
  • state: means the state of Ohio. See Ohio Code 1.59

  Previous section
Next section  
 Chapter 1761 Contents